Horizon Industries Ltd.

Horizon Industries Ltd.

March 23, 2006 10:54 ET

Horizon Industries Ltd.: AFE Complete and Drilling of Stewart No. 2 Well to Proceed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - Horizon Industries Ltd. (TSX VENTURE:HRZ), an emerging oil and gas exploration and development company, is pleased to announce it has received the AFE (Authorization For Expenditure) to drill the Stewart No. 2 Well at the Stewart Prospect in Goliad County, Texas. The Company has finalized the drilling contract with Arrow Drilling who propose to commence drilling operations within approximately 60 days.

The Stewart No. 1 well, completed earlier this year and tied in to sales on February 8, 2006, tested an amplitude anomaly identified by the Company's 3D seismic program conducted over the Stewart East property. The Stewart No. 1 Well continues to flow approximately 500MCF of gas per day with no fluids.

The Stewart No. 2 Well will be drilled to a total depth of 5,700' to test the next in a series of Middle Yegua, 3D seismic anomalies located on the Stewart leases. The amplitude in the Stewart No. 2 anomaly is stronger than that encountered in the Stewart No. 1 well, indicating higher porosity, inferring a greater resource. Horizon President, Chris Wensley reports, "Our technical people have done a superb job interpreting and tying in local geology, well data and seismic data. This has created a better understanding of the resource potential of the property and will serve to facilitate and enhance the success of our ongoing and future exploration activities in the area. We are both confident and excited about the prospects of adding significantly increased production from the Stewart No.2 Well."

The 544 acre Stewart Property is located in Goliad County, Texas within the Jobar field. There are 9 wells in the field which have produced to date a cumulative 5.894 BCF (billion cubic feet) of gas, averaging 1,500MCF gas per day of initial production. The field appears to be a series of isolated bar deposits trending in a north east /south west direction. The field was discovered using 2D seismic amplitude analysis.

The Company holds a 30% working interest in the Stewart prospect comprised of the Stewart East and the Stewart West properties covering approximately 544 contiguous acres. The property has the capacity to host up to seven wells including several wells to test and develop the prolific Wilcox formation where recent wells have been completed having initial production rates ranging from 5 million to 17 million cubic feet per day.

About Horizon Industries Ltd.

Horizon Industries Ltd. is an emerging oil and gas exploration and production company building a high quality asset base in focused areas throughout the United States. The Company is currently developing strategic alliances in high impact oil and gas plays in Western Canada. For more information, please visit www.horizonindustriesltd.com.

On Behalf of the board of directors,

Christopher Wensley, President

WARNING: The Company relies on litigation protection for "forward-looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contact Information